(Yicai Global) June 8 -- An article titled Tencent Has No Dream that recently went viral chided it for losing its innovation capability after transforming into an investment-driven company. Tencent Holdings Ltd. invested as much as CNY54 billion abroad in the first quarter -- over twice its net profit -- and this will only further fuel the debate over whether the Shenzhen-based colossus remains a technology conglomerate as it claims, or whether it has indeed morphed into an investor.

The criticism over Tencent's turning outbound investments into its main line is not entirely devoid of foundation, however, as its first-quarter financial statement shows. It snapped up 9 percent of a group-buying company, upped its 28 percent holding in a film company, nabbed a 12-percent slice in an online game company and grabbed other affiliated companies' shares. The firm gobbled down a 35-percent share in a live-streaming platform, raised its 2 percent share in a short video company.

It scooped up 5 percent of the equity in a retail business, 3 percent of a social media company, and 5 percent of an online game company, while further raising its investment in a streaming media company.

Neither fish nor fowl it seems, Tencent is now a wolf marauding abroad.